Toronto police press release revealed the fraudulent selling of homes without the homeowner's knowledge.
Around 26 mortgage frauds occurred where mortgages were registered on the house in exchange for cash.
- Approximately 30 homes in the Greater Toronto Area (GTA) have been sold or mortgaged, costing millions in insurance claims.
- A private investigation firm is probing four title transfer frauds across the GTA where scammers used a stolen ID to cash in on property sales.
- This is how the scammers got away with the fraud:
- Crime group starts research for homes that do not have a mortgage in a publicly available property data system.
- Use stolen IDs and hire "stand-ins" to pose as tenants to gain access to the home.
- The mortgage or sale happens fast, and the impersonator accepts the offer.
- The funds get converted into crypto and moved out of accounts quickly.
